Foods and Inns Limited (507552) Earnings Call Transcript
November 7, 2026
Earnings Call Speaker Segments
Ladies and gentlemen, good day, and welcome to the Foods and Inns Limited Q2 FY '27 Earnings Conference Call hosted by Arihant Capital Markets Limited. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Ms. Deepali Kumari from Arihant Capital Markets Limited. Thank you, and over to you, ma'am.
Thank you so much. Hello, and good morning to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining into the Q2 and H1 FY '27 Earnings Conference Call of Foods and Inns Limited. Today from the management, we have Mr. Milan Dalal, Managing Director; and Mr. Moloy Saha, Chief Executive Officer. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir.
Good morning. This is Milan Dalal. At the outset, let me wish you all a very Happy Diwali. Before we go forward with addressing queries, concerns, et cetera, I would like to just make this opening statement on 2 counts. The previous quarter, we suffered a lot of dispatches being delayed because of the containers nonavailability as also very high freight rates. Before even things have changed in the last 1 week geopolitically around the world, October has softened up and there was a substantial movement of dispatches and that with the change in geopolitical situation and some announcements in the newspaper as on today, we expect further softening up of the freight rates and in turn availability. So that's something to cheer for -- second, of course, is a bit of a dampener with the quarters after many, many years, having reported a loss due to ForEx though it would be notional in nature. But in accounting standards, it has to hit the P&L. This was [ necessiated ] to do forward cover because of the banking knobs, the bankers interest on doing it and somehow everything went along since February of this year and dollars kept appreciating. We have kind of arrested the maximum impact. And going forward, and for the full year, we should be back on track. With that, may I ask Deepali to start off with the first speaker, and we could continue and interact more freely. Thank you.
Sir, should we start with Q&A session.
Please go ahead.
[Operator Instructions] The first question is from the line of [ Yash Somani ] from YS Capital .
Sir, my question is regarding our [indiscernible] orders. So around 3,300 metric tons of [indiscernible] order. So how much has been shipped in October and early November? And will all of it be recognized in Q3? Or what?
This is Moloy here. Yes, almost 60% of the material already shipped out in the month of October itself because as Mr. Milan told that freight situation is much better. And yes, we expect that entire carryforward spillover will be completed in Q3 only.
Okay, sir. Are there any penalty costs or some other cost escalation related to it?
No, because our contract is on FOB basis. So it is more from a customer point of view because we have to take the approval for the freight. Since the freight rate was very high, so customer was not agreeing, and now it is starting softening. So almost of the customers are now pushing us to ship it. There's no penalty clause or anything. There are no penalty cost, but just a point of caution and because this has happened, it's a very freak case that has happened that when the customer has agreed to a freight and it's already in high season before it reaches there, the shipping company comes up with an extra debit note saying was surcharge. And that became a bit of an issue doing about it, but it was resolved. It was never under our contract, but there was a little back and forth and doing it, but this is very freak and very small in doing it. But ultimately, we did not pay for it. The customer sorted it out with the shipping company.
Sir, coming towards the customer, so like in Q1, you said there were no cancellations, only delayed call-offs. So is it still true...
Yes, very much, there are no cancellations whatsoever.
Yes. So that's what I was asking.
Yes, no, no. So in fact, very different. It's not giving any other oh, but generally, like post-COVID, post war, we have seen numbers, there would be a pent-up demand. Very differently, if you all read in the newspapers as far as the frozen segment is concerned, there was a major hacking of freezers in Europe, which has got nothing to do with it. It could have been meat. It could have been other foods, vegetables, everything, but lot has gone into the waste. We should be expecting some additional kind of queries for urgent supplies and all that. So one has to look at it into the positive part into doing it. But definitely, no cancellations, no -- yes, slight deferments were there. And as Mr. Moloy just mentioned, in this Q3, we should be completing all the execution.
Okay, sir. One last question, sir. the ForEx loss of INR 106 million, so like what caused the ForEx loss? -- hedge market to market, settlement of forward contracts or like foreign currency borrowings?
It's a forward contract because to comply with the RBI guideline against the export sale, we are supposed to hedge it as banks may penalize with the interest -- higher interest rate. So this thing is continuing with us for last several years. We generally cover forwards for the earlier -- I mean, this financial year, we may take the forward for the next financial year, export sales. That is the trend we always follow. But unfortunately, situation not in our favor, rupee has depreciated a lot. And that caused the ForEx loss. Basically, the sales booked sometimes at higher rates, realization at lower rates. Sometimes we could not meet the forward on the maturity date due to the delay in shipment for nonavailability of the vessel, all these things. So that together has caused this. So there is no -- these are all basically notional in nature. But yes, we have to comply the guidelines.
So sir, will you be making any hedging policy changes after this loss?
Very good point. I appreciate your ask. We have taken a call that will not -- for last -- since April onwards, we have not booked anything and we'll not do anything at this stage because if you see the INR 80 depreciated. So it has been advised by the Board not to do any forward. However, there may be a challenge from the banking point of view, which we'll be discussing with the banks on how to mitigate this if some penal something at all. Though it's marginal, but we may have to talk to the bank. But as a company, we have now decided not to do any forward cover, keep it open.
[Operator Instructions] The next question is from the line of Saket Kapoor from Kapoor & Company.
Just to reiterate what Moloy, what you answered that as the currency -- our currency is in the depreciating mode over many years, so we are discontinuing with the hedging part of it. So any more rationale that we have? Or what would be the finance cost that would be imposed on us because of discontinuing the practice?
We have not ready data at this stage because such set of scenario never happen with that company that nonpower hedge cause us any penalty. But yes, there will be a minor something, which we have to discuss with the banks considering this overall global scenario. So maybe in the next call, we'll be able to tell you much informative details what would be the cost for it at all anything. But our objective is not to absorb any penal cost anything.
We are definitely in the course correction mode. And as rightly Manoj just said, that just post Diwali, we would call for our bankers' meeting, discuss it out with them. get their suggestions, and we would take our own call and then ensure that such kind of repetition does not happen.
What our Board has said that we should restrict or limited our activities, what is in our control. What is not in our control, we should try to avoid as much as possible because global disturbance and changes, many factors are not in our control. So we'd like to avoid all such activities.
Sir, what has been factored in the -- as the ForEx loss for this quarter? The entire INR 10 crores has been booked under other expenses or...
You are correct. It has been other expenses.
So the entire amount of INR 10 crores has been crystallized under other expenses?
Yes, yes. Because as per the accounting standard and other expenses, the ForEx loss to be accounted for.
Okay. And now Mr. Dalal, if we take, sir, the H2 part of the story, and I think so we have some capital work in progress also closing balance of around INR 25 crores and taking into account the current setup, how are we going to trade the second half?
Moloy here. I'll give this answer. On the CapEx side, in our investor note also, we have mentioned that our Spray Drying division is doing very well. We see a surge in growth in this sector for the last 6, 7 months. In fact, we are very happy to say that in the month of October, we have seen the highest sales in Spray Drying division in the history of Foods and Inns. We never able to do such. So that's a very positive part. In a single month, we are able to sell 100 metric tons, which is a phenomenon. So we had anticipated this growth. And accordingly, we have taken a CapEx for our enhancing the capacity by around 120 metric tons per annum. So that is the CapEx in the books, part of the CapEx and in the capital WIP. And by January, meet or by end of January, the commercial products are likely to start. So that will definitely help us to grow our revenue for the spray -- and we also -- there is some shortage of warehouse in one of our Gujarat facility. So that warehousing likely to be completed in the month of December, most probably by mid-December, it will be completed. So these are the 2 CapEx. There are no other CapEx at this stage.
Sir, on the spray dry powder for the first half, what have been the revenue and taking into account the jump substantial increase that we have seen in October, how should H2 on a conservative basis would perform just on the spray drying part.
Spray Drying part in H2, just one step, I'll tell you the figure.
H1 also, Dalal, if you can confirm?
In H1, I'm telling you. H1, we will be having around 474 metric tons, which is 15% volume growth and value-wise around INR 11 crores value growth is around 7%. But next H2, we are expecting that it should cross 550 metric ton. So annualized basis, the volume will grow more than 18% to 19%. - likely to be just under 10% because overall raw material cost in the last 2 years on the vegetables and fruit has gone down. So that will impact the realization. But volume-wise, we will be growing around 18% to 19%.
Okay. And how are the margins for this, sir?
It's a good EBITDA. I mean it's a very positive EBITDA side. EBITDA will be around 18% EBITDA in the Spray Drying division.
Okay. And sir, can you give us some more color of how the H2 should behave in terms of the revenue profile and also the EBITDA margin part? And sir, secondly, when we look at our balance sheet part, just to come on the long term and the short-term borrowing, how comfortable are we that we can tread along or we'll be needing further borrowing, sir. Under the noncurrent liability, the same has gone up to INR 91 crores from INR 53 crores. Short-term borrowings are part of business and they get settled periodically, if I'm not wrong. So if on these 2 points...
You are comparing the March balance sheet with the September, for our organization, mango contributing more than 72% to 73%. So mango production completed just first week of August. So September balance sheet is having always a higher -- I mean highest inventory, highest, -- these are the 2 as well as highest borrowing if you compare the whole year. September always like that. So if you compare September to September, we are in the similar range. But for the -- we do not need any more borrowing. And your long-term liability, what you are talking about, that is recently due to this war disturbance, Central Bank has extended some long-term facility to us due to overcome this delay in shipment and all these things. So that we avail. That was a very timely and competitive interest rate. So we have availed that, that has gone up. And that has to be repaid over a period of 4 years. And otherwise, we don't need any long term and short term. Short term, definitely by March end, it is going to reduce and it will be in parallel with in relation to whatever inventory we will be carrying for that time. So we see that there will be no more further borrowing required or anything at this stage. I'm quite comfortable we are in this borrowing for everything. And your first question is any guideline on the H2. For us, it will be difficult to give you any revenue guideline, but we can always tell that overall volume growth likely to be around 17% to 18% compared to last year because we are in agricultural commodities. And we do not know what prices look like because production is going on like production is going on, Guava production is going on. Similarly, frozen vegetable production. So price up down is there. So it will not be correct from company side to give any guideline on the revenue figures as if we do not know the raw material cost. So as we work on the cost-plus model. But you can assure there is likely to be 18% to 19% volume growth compared to last year.
Right. And one question for Mr. Dalal, sir. We -- you are also the largest shareholder and we as minority shareholders are also reading under the fact that value creation has not happened because of whatever reasons or because of the market value. So what should be the thought process currently or what is your message to us as investors as we see we are trading at historical low.
So undoubtedly, it is quite a concerning factor, and thank you for bringing it up as well. Your opening statement wanting me to do it and your closing statement that we are at an all-time low. So currently, all that I could say, a, that the worst is over. This, in my belief is the bottom. Of course, I cannot give you any guarantees on that. But the most important and pertinent question is that how should shareholders look, including me and you as a value creation. So surely, if we do believe that all these external factors are got it is kind of resolved. And the will of the team is to perform and perform better. And once all these kind of minor aberrations are out, the way forward seems to be very positive, and we should look towards enhanced appreciation of our portfolio.
Moloy here. I'd like to highlight we have also now started actively working to expand our business on the brand. I think we are regularly updating our progress in the LinkedIn and Instagram on social media. North, we have launched our Green Top brand, and it's really doing very well. Though we are very low -- I mean, just started monthly sales figure, maybe around INR 60 lakhs, INR 70 lakhs, but it's growing in a phenomenal pace. We have reached up to Kashmir now, our distribution. So I think India frozen category or frozen market is growing in a phenomenal pace. And if we do not venture out, it will be wrong at our part. So we have -- North is our focus now. North, we have already launched. We are launching now South very soon. So what Mr. Dalal told for value creation, we are also seriously looking how to build up our own brand in international market as well as Indian market so that appropriate value can be recognized. So that's -- in all angles, we are working on it.
And lastly, sir, every year, we have some subsidy portion of indication that we get from the government. I think last year also, there was some portion which we factored in our results and then may be probably the fourth quarter. So what has been -- what should be factoring for this year as subsidy part or correct me, sir, that is not the case for this year?
Subsidy always is recognized on cash basis as and when we receive -- that is -- so every time we do the fourth quarter, I think that is the trend we have seen. This year also, we have applied, but there are some issues due to the March month, the nonavailability of the vessels and all these things. So DGFT, that is customs and DGFT, they have already extended the period because there are some compliance issue because due to this -- officially, they are extended across all industry by 45 days. So in line with that, our application also submitted to the ministry. I think it is under consideration. As of today, I won't be able to comment on this because nothing is in our hand. But what we come to know everything on the positive note. And recently, if you see 2 days ago, I think government ministry has already approved similar PLI issues for other industry, electronics industry. So we are quite hopeful that the similar kind of consideration will be taken care for our industry also. So we'll be -- hopefully, by next quarter, we'll be able to give a better answer to you on this.
And what have been the last 3 years average, sir, for FY '25, '24 if you have the number?
Total subsidy received, you are talking about?
Yes, yes, sir.
On last 4 years, we received around INR 84 crores total.
Okay. And last year's specific number, sir?
INR 30 crores. Yes, a little less than INR 30 crores and over INR 27 crores between INR 29 crores or INR 28 crores, something like that.
And this year also, the number should be in that we have applied for or [Technical Difficulty]
Similar range.
And now with the talk of the trade imbalances being settled with the U.S. and I think the U.K. being implemented, how are those or will benefit our industry and company in particular? And secondly, sir, what -- our size and the product profile, can you provide us with a peer comparison or what kind of market share do we hold in tobacco, guava and as well as Mango? I think the Jain Irrigation has been one of the largest player in the Mango particular category these types of...
No. So you're slightly incorrect as far as that is concerned. We are #1 in mango, which is there. Jain currently is not into tomatoes in a big way. So there is no such direct peer competition doing it. There are a lot of players in the non-listed segment, which are at the #2, #3 position. But we have to evaluate into 2 distinct areas of business. One is pulping, which is Mango, Guava and Tomato, which definitely with our size of Mango, we would be in the pumping the largest. Having said that, there are other companies who are doing big in tomato. And in fact, in my opening remarks, I missed out, but under the new scheme of -- though it is mentioned in the investor note, the National Horticulture Board, we were one of the 12 companies which got selected for doing the cluster development and Honorable Prime Minister, in fact, virtually inaugurated that program on 30th of October, whereby we will develop in the Nashik region by onboarding almost 15,000-plus farmers and they would benefit by this scheme. And in turn, we would benefit by getting regular supplies. So now having said that, on the pumping part of it, there is the second segment, which is the second part of the division, which is the frozen foods, spray dry and our [indiscernible] Now there is no single company which is in that combination. As a B2B, we do supply to a lot of these brand managers, brand owning companies. We have started our own branded initiative within India and slowly and steadily in the international market. So we don't have a like-to-like comparison as such. But as a combination, we should be well up the ladder, but we would really hope to kind of develop our B2C segment. And of course, we have forgotten and not discussing right now is our spice division, Kusum spices. And we definitely see a lot of that things of loose spices have been banned from being sold. So it will benefit all the branded companies basically packed and we have that strategies, and we are coming back. We had this packing of small sachets where basically to compare -- to enter into the market where the loose spices were being sold apart from our regular packs and bulk packs as well.
A small point on the branded spices I audible, sir?
Yes, sorry.
Yes. Sir, in the spices part, we see various brands like MDS and Sunrise. So do any way we can be ahead competing with them or we're doing some white label job for them in the vicinity? And also, sir, if you could just provide us the split of revenue between the different verticals as a ballpark percentage -- for the year as a whole last year...
It is not included in this stand-alone basis. It's a separate company. So the revenue is not included here. On the pipes, what you are talking about, we are following the hybrid model. We are working on the white label as well as private label because we see the opportunities and our focus is on export market also. That market is growing well. I think a couple of years ago, we had some setback in the Oman market due to some pesticide issue of another brand, but that has now overcome. So our export market also growing. So we'll be continuing with the hybrid model. And on the revenue breakup, I can tell you that pulp content, that is Mango, guava, Papaya, Tomato, everything contributed 80% plus. And frozen and spray drying another segment is growing around 20%. So that is the revenue breakup.
Okay. And last point on the cash flow, sir, if you look at the consolidated cash flow, the mark there is a mark-to-market gain that you have shown, sir, for the September quarter of INR 5 crores. So please correct me where is the leading that.
The loss is here. In the negative figure is a loss.
Okay. Since we have given a bracket and that gain. So that is giving representation to...
It's a loss figure. It's not a gain figure. That is why
That's the ForEx part of it only, which we say.
Yes, Under the mark-to-market, bracket is mentioned as gain and without bracket.
Mentioned gain loss in bracket. If you see, it is very clearly mentioned gain, loss in bracket.
INR 5 crores is the number.
That's also a loss.
INR 5 crores is the number. We spoke about INR 10 crores. So where is the other INR 5 crores
This is the MTM, another entity counts in the book that is sale versus realization. When your forward book say INR 10 and rupee depreciated to INR 110, then your sales has to book at INR 110, but realization will come at INR 100. So that notional loss to be also booked into the system. So the balance figure is the sale versus realization. These are accounting standards, booked the sale as net realization.
And sir, again from the investing activity, we have done acquisition of tangible and intangible assets to the tune of INR 41 crores. So this is -- this relates to which head, sir?
Come again, I didn't get you. Can you repeat, please?
Sir, under the cash flow from investing activity, we find acquisition of tangible and intangible assets to the tune of INR 41 crores. So what would you attribute this to, sir INR 41 crores.
I have to come back on this. I don't have details available. Can I come back to you if I get your details. I'll just -- if you can just send me to write to us at @foodsandinns.com, I'll reply to you immediately.
Okay, sir. My numbers and details are mentioned during the call.
I will get the number from there, I'll call you.
Everything is mentioned..
I'll call.
What was current maturity can you confirm?
Sorry to interrupt sir. May we request that you return to question queue for follow-up
Yes I will do.
I will call you.
The next question is from the line of an [ Divansh Mehta ] individual investor.
Yes. So first of all, most of my questions have been answered. There are still a couple of questions that I wanted to ask. So sir, with the frozen food volumes growing at roughly around 11% and year-on-year, it has grown to roughly 27% in Q2. So what additional strategies are being deployed to accelerate the market expansion in majorly U.S. and GCC markets?
We are getting a very good traction in the U.S. market, as you rightly said, and that segment is growing, and we are also focusing that segment. And now recently, we participated in the Gulf food. Just we came back on we came back from the food show. And I mean, last time also we visited, but we have not seen so much inquiry and traction on the frozen food. But this time, we are seeing significant -- I mean, surge in the demand across the GCC countries, we can see. We are tied up with a Saudi customer for some frozen mango pulp as well as frozen vegetable. We are also expanding other frozen segment to that Saudi customer. So we see the next 3 years, we will be -- on average, we can grow at 25% to 30% in this segment. That's the market trend.
That was quite elaborate sir.
The next question is from the line of Amish Kanani from Investment Managers.
Sir, if I remember correctly, our first quarter and fourth quarter is heavy on the domestic side and the second and third quarter probably is heavy on the export side. The question, sir, is, one, since we have shifted some of the volume from second quarter to third quarter and mostly everything will be caught up all the deficit. The question is, sir, whether our margins on the export side is better than the domestic? And should we be assuming a better margin in third quarter because of that phenomenon? That is question number one. And sir, second question is about our pricing strategy, sir. What we have seen is we have kept the gross margin per tonne similar. But with inflation, our overheads are rising fast. And there are also maybe at times these ForEx losses, which comes, which I understand is not a cash expense, but it comes as a lower realization in rupee terms at least, though rupee has depreciated. The question, sir, is, are we relooking at our pricing strategy critically and seeing that say, we are decent -- we are making decent margin or even at the EBITDA level, sir. So your view on that because we have observed that gross profit per tonne is same, but because of the operating expense rising fast in this inflationary environment, we are not catching up on EBITDA per tonne. So your thoughts on that. Because we are dealing with these Pepsis and the Cokes of the world, I think they should be appreciative of our concern on investment, and they should be reasonably compensating us.
Good point, Mr. Amit. Yes, your concern is our concern. I totally agree with you, but it's hard to make that into reality. Yes, we work as a cost-plus model as we discussed. In the cost-plus model, the issue came that when the dispatch is delaying and when the dispatch is getting delayed, they give the interest reimbursement. But interest reimbursement is not recognized above EBITDA. It is recognized or adjusted against the interest component, okay? So that is one factor even if they give it, but we cannot recognize as accounting standard. So that is one point. Second point on the pricing strategy, yes, we are working on the pricing strategy in a better way on the spray line as well as on the frozen segment. These 2 segments, as you rightly said, we are able to capture the inflation in a right way. But on the pulping segment, since we have a long holding such time, we are not able to capture the entire inflation, but we are in discussion with all the brands to consider that. So that will come back to you. On the margin point, what you asked on the export and domestic, it's a hybrid model. If you talk about the frozen segment, yes, margin definitely in the export is much better than the domestic 100%, and that's a good part.
It is 95% is the domestic. So we have a good margin. As I told, EBITDA is 18%, 19%. On the pulping segment, it's a mix. like Alphanso is a premium product, which India market do not consume much in the pulping category. So that we are having the Japan and France and all the premium customers where the margin is quite impressive. But the other category of product, India market is much better than the export market, like Totapuri is one of the variety, which is the main volume for Mangalore. There Indian market is much better margin than the export market. So this is a few guidelines.
Sure, sir. And sir, just a quick after this thing, one follow-up. On the horticulture side, is there any any commercial benefits that we get in terms of being a cluster development head or it just that we are recognized for our efforts by the government? And what are the, say, tangible benefits that we might reap over a longer term, sir?
Okay. It's a good point. Yes, there is definitely financial benefit. Otherwise, I don't think any company will be able to join hands to develop. There are 2 things. One is for last 5, 6 years, we are seeing there's a lot of uncertainty on procuring the raw material because due to this climate change, erratic movement and all this pesticide issue, we have a serious challenge on the Indian agricultural segment to get the right material. And that is causing sometimes to lose the order also because many of our raw material or fruits are in the pesticides. So unless we control the pesticide front, definitely, we'll be the loser in the long term. So for that, we have joined hand with government for the cluster development where we will have a full control on the pesticide users as well as agricultural practices. So if we get the -- it's basically galv, galve out. If you get the right material, definitely we'll be able to do better order. So that is one part.
And there I'll just add up what Mr. Moloy said, the scheme works like this, that the farmer has to get certified by us and that we are the implementing agency to ensure that they fall under the norms. When will be certified that we have got the receipt of that material. So we are assured of a quality product. And once we have done that, how do they benefit government gives them the incentive. It's not -- it won't come to us. It will go directly to the farmers. So to that extent, we believe it is a win-win situation. Continue, Moloy.
Yes, that is the farming segment. So another segment is government is in the cluster development, that is the value addition of the agriculture produce. As we are repeating in last few calls that our frozen segment is growing and our current capacity is fully capitalized, we are unable to move further even if we have demand. So we need to really expand in the frozen segment. Otherwise, we will miss the bar. So for that, government will be giving a capital subsidy. It is around 35% to 38%, whatever CapEx we'll be doing it on that. So that is also approval received. We are working on it, how to get benefit of that. so that we can quickly expand our existing capacity. And our objective is that in next 3 years, frozen segment should go to the 3x level. That's the way we are working because that's giving us better margin and better revenue everything. So these are the 2 separate benefits. One is, as Mr. Milan told that farming segment will be assuring our raw material is the right quality raw material. Financial benefit directly go to the farmers, obviously subject to our quantification. And second is the infrastructure benefit, which government is giving us 35% to 38% depends on the CapEx on various equipment for expansion of our existing capacity.
The next question is from the line of [ Amit Gauri ], an individual investor.
My question is to Mr. Milan. As you rightly said that we are almost at the bottom of the valuation. And as I see December 2003 to June 2024, Dalal family and group companies have sold around 11.70 kind of promoter holding. And if I see the market cap of that particular time around INR 800 crores to INR 1,000 crores. So quite a good amount was raised. So -- and currently, the current market cap of the company is around INR 300 crores. So the amount raised at that particular time can buy out 30% kind of raising your holding. So is there any plan from your side to invest in the company as the valuation...
Yes. So this is a little contradictory statement. When I say it's bottomed out. At the same time, the previous speaker said, how do you look towards us as investors. So when it's bottomed out, it definitely is to the benefit of all. And when I'm now specifically asked a question of whether I would like to -- undoubtedly, this is the great levels at which one could should enter as far as I'm concerned. Plans are on whether one should do it in the secondary market, one should look at some primate thing. There are a lot of regulations to do about it. Currently, the Board meeting was just over on the fifth. So I am debarred until Monday, but there is Diwali coming forward. Maybe it's a little long. You might find my answer, but the intention is very much there to consolidate further.
Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to management for closing comments. Thank you, and over to you, sir.
Okay. This is Moloy. Thank you very much for -- I think a few of the questions was quite deep, and we appreciate when the investors ask such type of questions, we can give more clarity for the larger audience. So we always welcome any questions which can be prepared in a right manner. With a closing note, I would like to say that we are seeing this Q3 as far as revenue is concerned for the export market in an encouraging situation as worldwide, we are seeing softening in the freight rate as well as availability is quite improving. And Q4, as you know, it's a major for us in the domestic market. So we are gearing up, talking to all our brands for the speeding up the dispatch. So we're quite hopeful that Q3 and Q4 will give us bring back the situation what we have earlier experienced. And with this time, wish you all happy Deepavali. I would like to end my session. Thank you very much. Thank you, Deepali, team, Arihant and the Chorus for having conducted this call. Thank you as also our IR company Stellar.
Thank you, sir. On behalf of Arihant Capital Markets Limited, that concludes this conference call. Thank you all for joining us, and you may now disconnect your lines. Thank you.
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